New technology promises to cut time and resources dealing with chargebacks
New technology that aims to cut down on the time retailers spend dealing with chargebacks has been launched.WorldPay
’s Dispute Management System automates the monitoring and processing of requests for information (RFI) and chargebacks, promising to save merchants both time and resources.
WorldPay says costs saved will include potential issuer penalty fees, while merchant online account suspensions can also be reduced. It also says the system, which bolts on to existing acquirer and payment gateways, will cut the time it takes for chargeback documents to be received by acquirers.
The system generates electronic records showing the audit trail of merchants’ chargeback and RFI history, while early warning signs also alert merchants to the fact that they are approaching their hurdle rate, giving them time to rectify their chargeback ratio.
Phil McGriskin, chief product officer at WorldPay, said: “The management of RFIs and chargebacks is time-intensive for merchants and requires considerable expertise and resource to handle manually. DMS is a major step forward in automating this process, reducing the amount of resource required to deal with such requests, all through a secure and customisable platform.
"WorldPay works closely with merchants to fully understand their fraud requirements and the DMS has been developed in response to these needs, providing merchants with the most advanced acquiring and support services.”
Existing WorldPay customers looking for information on the system are advised to contact their relationship manager.